Rubio touts own tax plan

House Speaker Marco Rubio said Wednesday he will travel statewide next week in a campaign-style tour to tout a citizens initiative that would slash $8 billion a year in property taxes.

The tax plan he will promote isn't the one that many Floridians have already heard about - the one the Legislature crafted in a hurried October special session and that now awaits approval from voters Jan. 29. That plan has the firm backing of Gov. Charlie Crist.

What Rubio is throwing his political weight behind is a citizens initiative that has gotten little public attention but will be, he said, a bonus for businesses and owners of non-homesteaded properties, such as seasonal residents and those who invest in rental units.

"This is about stimulating the economy, about getting more money in people's pockets. The Jan. 29 amendment is not going to do that," Rubio said. "There's a lot more [property tax reductions] left to do."

The plan boasts a 26 percent average savings on property taxes statewide by restricting taxes to 1.35 percent of the taxable value of any parcel of property.

Under the proposal, the owner of a home valued at $100,000 would pay no more than $1,350 in taxes, while the owner of a home worth $1 million would pay no more than $13,500 in taxes. It would be up to the Legislature to come up with policies on how the taxes would be apportioned to state and local governments.

"It's a very simple initiative and applies to all properties," Rubio told reporters after a speech at The Breakers resort for a meeting of the TaxWatch business group.

The Rubio-backed plan leaves in place Save Our Homes, which limits increases in property assessments to no more than 3 percent a year, and also retains the $25,000 exemption on homesteaded property.

Getting the plan approved will be a Herculean task. Rubio and other supporters first face the tough challenge of getting the petition on next November's ballot.

Though Rubio is pushing an alternative to the Jan. 29 tax-cut plan, he said he will vote for it as a starting point.